The otherwise busy, organised and unorganised markets across the megapolis such as the British-era Crawford Market known for fruits and dryfruits, Mangaldas Market dealing in clothes, and the electronics-heavy Manish Market donned a deserted look today.
These cash-heavy markets deal in tens of crores of rupees business on any given day but today was different as the Centre's decision to scrap Rs 500 and Rs 1,000 notes has adversely affected footfalls.
Shopkeepers said customers were not turning in as they were panicked and busy in finding ways to change their high value notes.
"Business is down by 80 to 90 per cent today as customers are busy converting their Rs 500 and Rs 1,000 notes. The market is near empty," Federation of Retail Traders Welfare Association president Viren Shah told PTI.
The association has around 2.5 lakh shopkeepers across Mumbai and adjoining Navi Mumbai and Thane satellite cities.
He is worried that the rainy days will continue for the next 10 days or so. Shah, however, praised the steps taken by the government and said it will help in removing fake and black money from the market.
Manohar Wagle, president, Maharashtra Sports & Fitness Trade Association, said already retail players are hit as there is no liquidity and this will continue for long.
"The move is going to affect us badly for the next 10-15 days," Wagle said adding, however, it is good for the country in the long term.
Business in the famous Mahatma Jyotiba Phule Mandai, also known as Crawford Market in south Mumbai, saw a huge decline in footfalls where otherwise thousands of people mill around to buy fruits, dry fruits among others products in bulk.
"Nobody has come since morning. People are coming with Rs 500/1,000 notes which we have not accepted," said a fruit seller in the British era Crawford Market.
A shopkeeper at the Mangaldas Market, which is a wholesale cloth market said they are asking retail shopowners to delay the payments as they are not accepting Rs 500/1,000 bank notes now.
"A customer from outside had placed an order of Rs 1 lakh with us and he paid the amount yesterday evening only in notes of Rs 500/1,000. We are wondering how to change these notes. Now on, we have asked our customers to pay later when they have Rs 100 notes, said a shopkeeper at Mangaldas Market.
A hawker here said, "Yesterday, I did a business of Rs 10,000, mostly in Rs 500 and Rs 1,000 notes. Today, when I went to the wholesale market in Dadar, they refused to accept these notes. Even there are no customers since morning," he said.
Various trade bodies have also advised their members to be aware of agents and dalals promising them to convert black money into white.
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